Section 10
Implementation of obligations under the agreement
of Loans Guarantee (Bodies Corporate) Act 1965
The Minister may provide by order published in the Gazette that any tax or duty payable under the Income Tax Act 1967
[Act 53], or the Stamp Act 1949 [Act 378], respectively, shall be remitted where such remission is necessary to give full and complete effect to any agreement, bond, promissory note, instrument or guarantee to which this Act applies.
(2)
Nothing in the Exchange Control Act 1953 [Act 17], shall apply to any transaction required to effect payment in any currency of any sum in accordance with the terms of any such agreement, bond, promissory note, instrument or guarantee.
(3)
Save as agreed to between the Minister and the authority from which the loan is raised, no lien on any of the assets of the body corporate shall be created as security for any debt unless it is expressly provided that the lien will ipso facto equally and rateably secure the payment of the principal, interest and other charges on any loan, or any bonds, promissory notes or instruments issued pursuant to any loan, guaranteed under this Act.
(4)
In subsection (3)—
“lien” includes mortgages, pledges, charges, privileges and priorities of any kind.
Loans Guarantee (Bodies Corporate)
9
Act 96
LIST OF AMENDMENTS
Amending law
Short title
In force from
Act A232
External Loans Guarantee (Bodies 01-09-1973
Corporate) (Amendment) Act 1974
Act A548
Loans Guarantee (Bodies Corporate)
18-02-1983
(Amendment) Act 1983
10
KUALA LUMPUR
Act 96
LIST OF SECTIONS AMENDED
Section
Amending authority
In force from
Short title
Act A232 01-09-1973 2
Act A232 01-09-1973 9
Act A548 18-02-1983 10
Act A232 01-09-1973